The production value of most economic sectors posted a higher growth rate than last month, with the state economic sector up 3.4 percent and the foreign-invested sector up 7.9 percent. However, provincial economic sectors dropped by three percent.

Industrial production in August saw a slight fall from July’s level, electricity (down 0.9 percent), crude oil (1 percent) and gas (3.3 percent). However, for the last eight months, these products have maintained a higher growth rate than last year’s corresponding period.

In response to a programme to encourage Vietnamese people to use domestic products, the Vietnam Garments and Textiles Corporation has spent VND 6-7 billion delivering goods to remote and rural areas and dropped prices by VND1,000 per product to support people living in island areas

To fulfill the set tasks for the third quarter of this year and maintain a positive economic growth rate, the deputy minister of Industry and Trade Do Huu Hao has asked businesses to run their operations more effectively, reduce production costs, improve their competitive edge and promote the brand names of their products.

In addition, businesses should speed up investment in a number of projects, especially those that are expected to be completed this year. The Vietnam Oil and Gas Group (PetroVietnam) is also responsible for producing and distributing oil and gas products more efficiently to meet domestic consumer demands, Mr Hao added.

Mr Hao said that marketing departments throughout the provinces should take more control of the development of the commodities market to deal with issues that affect domestic production and consumption. In addition, it is important for them to implement stimulus packages under the government’s decision 497/QD-TTg more effectively. There will be no wild fluctuations in the domestic market for fertilizer as there is a stable source of supply. The ministry also warned that businesses should focus on selling the products they have in stock to avoid risks.

In the fourth quarter, the MoIT will inspect the implementation of a number of steel projects, and ask provincial people’s committees to grant business certificates to future steel projects, that meet the strict requirements.